MENA-1 THURSDAY MORNING ROUND-UP
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UAE
UAE non-oil economy grows 4.8% in 2010
Aldar announces opening of Gardens Plaza at Al Raha Gardens
Kuwait
Kuwait to implement oil projects worth KWD20 billion
Qatar
QEWC to ink agreement for power project in Jordan
Moody’s assigns ‘A3’, ‘P-2’, ‘D+’ ratings to QIIB
Fitch affirms Qatar Real Estate Investment Company at ‘BBB+’
Bahrain
Bahrain sets expenditure for 2011, 2012 at BHD6.2 billion
Bahrain Islamic Bank credit ratings cut to junk at Moody’s
Agenda
Qatar
Sun 5 June >> Mannai Corporation BOD meeting
Sun 12 June >> Vodafone Qatar AGM & EGM
Mon 13 June >> Zad Holding EGM
UAE News
UAE non-oil economy grows 4.8% in 2010
The UAE’s real non-oil GDP grew 4.8% in 2010 after contracting 4.2% in 2009, according to official data.
The non-oil sector contribution increased to AED670.5 billion in 2010 from AED638.6 billion in 2009. We
expect real non-oil GDP to grow 3.25% in 2011 and 3.80% in 2012. (Emirates 24/7, Monica Malik)
Aldar announces opening of Gardens Plaza at Al Raha Gardens
Aldar Properties ([Link]) has completed Gardens Plaza, a new shopping and community centre in Al
Raha Gardens. Gardens Plaza will open to customers on 4 June 2011. (Company Disclosure)
Aldar: AED1.42, Rating: Buy, FV: AED1.84, MCap: USD1,115 million, ALDAR UH / [Link]
Kuwait News
Kuwait to implement oil projects worth KWD20 billion
Kuwait announced that it plans to implement oil projects valued at more than KWD20 billion (USD72.98
billion), Kuwait-based Al Rai daily reported, citing Vice-Chairman and Deputy Managing Director for Mina
Al Ahmadi refinery at Kuwait National Petroleum Company, Assad Al Saad, as saying. “We are seeking to
increase the local private sector’s share in the implementation of these projects so that it exceeds its
current part, ranging between 20-30%”, Al Saad explained. (Zawya Dow Jones)
Qatar News
QEWC to ink agreement for power project in Jordan
Qatar Electricity & Water Company (QEWC) [[Link]] has announced that it will sign an agreement
within two weeks with Jordan to set up a power generation plant in the latter, Doha-based Al Arab Daily
reported, citing the company’s General Manager, Fahed Al Mohannadi, as saying. QEWC is adopting a
strategy to expand into Gulf countries, including Saudi Arabia, Bahrain, Kuwait, Oman and the UAE.
(Zawya Dow Jones)
QEWC: QAR145.7, Rating: Buy, FV: QAR183.2, MCap: USD4,003 million, QEWC QD / [Link]
Moody’s assigns A3/P-2/D+ ratings to QIIB
Moody’s Investors Service announced that it has assigned local and foreign currency long-term and short-
term issuer ratings of A3/Prime-2 to Qatar International Islamic Bank (QIIB) [[Link]] and a standalone
bank financial strength rating (BFSR) of D+, which maps to Ba1 on the long-term rating scale. All ratings
carry stable outlooks. (Zawya Dow Jones)
Fitch affirms Qatar Real Estate Investment Company at ‘BBB+’
Fitch ratings has affirmed Qatar Real Estate Investment Company, known as Alaqaria, a long-term issuer
default rating (IDR) and senior unsecured rating at ‘BBB+,’ and its short-term IDR at ‘F2’. The outlook on
the long-term IDR is stable. Alaqaria is 100%-owned by Barwa Real Estate Company ([Link]).
(Bloomberg)
Bahrain News
Bahrain sets expenditure for 2011, 2012 at BHD6.2 billion
Bahrain has set expenditure for 2011 and 2012 at a total of BHD6.2 billion, with an expected deficit of
BHD1.6 billion, Bahrain News Agency (BNA) reported on 1 June 2011. Total expenditure is expected to
reach BHD3.1 billion in 2011, according to BNA, with a deficit of BHD835.7 million, while expenditure for
2012 is expected to reach BHD3.1 billion, with a deficit of BHD727 million. The deficit would be covered
through borrowing, BNA added. We expect a budget surplus of BHD85 million in 2011 and a deficit of
BHD221.1 million in 2012. (Bloomberg, Monica Malik)
Bahrain Islamic Bank credit ratings cut to junk at Moody’s
Bahrain Islamic Bank BSC ([Link]) had its credit ratings cut to junk at Moody’s Investors Service because
of losses and following political unrest in the country. (Bloomberg)
[Note – EFG Hermes is not responsible for the accuracy of news items taken from other media.]
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